Macroeconomic Forecast Czech Republic

Growth in the industrial production (IP) index slowed in September to 2.5% year-on-year (y-o-y) from 5.9% y-o-y in the previous month. This marks a significant slowdown over the 16.2% y-o-y rise in the IP index registered in January. With our expectation for external demand in the eurozone to continue slowing in 2012, we believe that industry in the Czech Republic will also slow in line with its biggest export markets. We forecast IP to average a mere 1.8% in 2012, down from our forecast of 7.0% in 2011.

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